The United States growing debt burden means the American empire is on the decline while China is on the rise, says Harvard history professor Niall Ferguson. People have predicted American decline in the past. . . and been wrong, he told Yahoo! News.
But let's face it. If you're trying to borrow $9 trillion to bail out your financial system and economy and already half your public debt is held by foreigners, it's not really the conduct of a rising empire, is it?